Dont pay too much attention to the negative feedback. Most of them are from users that clearly shouldnt own an iPad in the first place.
I am new to this App, and never saw a versions prior to 2.0, but Ive been using it a lot the last week or so, and this is exactly what I was looking for. The - subscription based - Cloud service is GREAT, the one feature that sold me - enter your time at work, and send your timesheet when you get home from your browser/iDevice/Andriod. It has a lot of customization built into it, and many options, which combined give you plenty of room to tailor it exactly to what your needs are.
This is a solid App, with a easy to use UI and few limitations on how to use it. My only issue with this App - issue that I already got in touch with their support team (and got a concise, but prompt response), is the fact that this App has no built in Invoice generation system. It does have a great reporting system, but invoicing is not included in the options. Further more, all references to monetary amounts are labeled as "Income", which renders the report useless for invoicing purposes. Should the option be there for those fields to be labeled simply as "Amount", those report could potentially work as Invoices. I hope they fix this soon, as I am not going anywhere.
Great App, great UI, great Cloud integration. Good job !